Seasonal pressures - Risk of excessive borrowing

WITH only 12 days to Christmas, beleaguered families are now coming under intense pressure to spend money they haven’t got.

Inevitably, according to the Irish League of Credit Unions (ILCU), that relentless pressure will increase the temptation on many to borrow beyond their means and heighten the risk of falling into the clutches of ruthless moneylenders.

The cost of Christmas will leave half of us in debt. But for tens of thousands of people who face swingeing social welfare cuts after the harshest budget since the foundation of the state, it promises to be an extremely bleak time.